Comments from the Fed vice chair:

  • Fed is 'closely monitoring' virus outbreak
  • Disruption could spill over to the rest of global economy
  • Virus will likely have a noticeable impact on Chinese growth, at least in Q1
  • US economy and monetary policy are in a good place
  • As long as incoming information remains broadly consistent with Fed's outlook, current stance of mon pol will remain appropriate
  • Fed to proceed meeting by meeting, not on a preset course
  • Inflation remains mute, expectations at the low end

He's not exactly pushing back against market pricing of rate cuts.